Townsquare Reports Strong 1Q 2016 Results

Townsquare Media, Inc. announced Tuesday financial results for the first quarter ended March 31, 2016.

“Townsquare’s first quarter performance marked a solid start to 2016, driven by strong results across the Company. We grew pro forma net revenue 6.7% and saw particular strength in many of our local markets,” commented Steven Price, Chairman and Chief Executive Officer of Townsquare.

First Quarter Highlights (Compared to 1Q 2015)

• Net revenue increased 6.7%
• Local Advertising net revenue increased 4.4%
• Other Media and Entertainment net revenue increased 45.3%
• Adjusted EBITDA increased 3.3%

Net Revenue - increased $13.3 million, or 16.4%, to $94.4 million, as compared to $81.1 million in the same period last year. This was driven primarily by the net revenue contribution of North American Midway Entertainment, which was acquired on September 1, 2015.

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Local Advertising net revenue increased $2.9 million, or 4.4%, to $67.9 million, Live Events net revenue increased $7.4 million, or 90.4%, to $15.5 million and Other Media and Entertainment net revenue increased $3.1 million, or 38.9%, to $11.0 million. Excluding political revenue, net revenue increased $12.2 million, or 15.1%, to $93.0 million and Local Advertising net revenue increased $1.8 million, or 2.7%, to $66.5 million.

Price said during Tuesday's analysts call that radio continues to be a strong asset for the company because of its focus on “live and local.”   Asked about potential M&A opportunities with CBS Radio, Cumulus or iHeart, Price responded, “Sure, we’d be willing to take advantage if the situation is right. We’ve said from the very beginning that we like radio. We think it’s a great platform to grow diversified local businesses.”

Townsquare’s assets include 309 radio stations and 325+ local websites in 66 markets, as well as 550 live events, a digital marketing solutions company and name brand websites such as XXL.com, TasteofCountry.com, Loudwire.com, JustJared.com and BrooklynVegan.com.